Business, 25.01.2020 02:31 yasdallasj
Bower company purchased lark corporation’s net assets on january 3, 20x2, for $632,000 cash. in addition, bower incurred $9,000 of direct costs in consummating the combination. at the time of acquisition, lark reported the following historical cost and current market data:
balance sheet item book value fair value
assets
cash & receivables $ 57,000 $ 57,000
inventory 114,000 165,000
buildings & equipment (net) 207,000 307,000
patent — 203,000
total assets $ 378,000 $ 732,000
liabilities & equities
accounts payable $ 20,000 $ 20,000
common stock 98,000
additional paid-in capital 66,000
retained earnings 194,000
total liabilities & equities $ 378,000
required:
prepare the journal entry or entries with which bower recorded its acquisition of lark’s net assets. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
record the payment of merger costs.
record the acquisition of lark corporation net asets.
Answers: 2
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Answers: 1
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Answers: 2
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Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na
Answers: 1
Bower company purchased lark corporation’s net assets on january 3, 20x2, for $632,000 cash. in addi...
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